Investing in Utah’s Innovative FutureGOED hosts first round of competitive grant cycle for fiscal year 2014

Salt Lake City, UTAH — Utah is on forefront of innovation and technology. A major driving force of innovation is the Technology Commercialization and Innovation Program (TCIP) grant competition. After the application process and a competitive review, select Utah companies may earn a match grant up to $40,000 awarded by the Governor’s Office of Economic Development (GOED).

Applications for the TCIP grants are due at 12:00 Noon, Monday September 2, 2013.

TCIP is a state-funded grant program that was developed for the purpose of commercializing cutting-edge technologies developed at Utah’s colleges and universities.

Previously funded technologies include a water conservation meter, a virtual health clinic for active military personnel, a breathalyzer wall mount for alcohol serving venues, a topical medication that fights glaucoma, catheters that eliminate urinary tract infections, and a winglet technology that can increase the operational efficiency and speed of a plane by up to 12 percent without increased use of the engine.

The state invests approximately $1.6 million a year in support of university technology commercialization with the goal of generating high-paying jobs and building companies that will be an economic force of the future.

There are two types of eligible applicants for this grant: 1) a faculty-led team at a Utah college or university, public or private; or 2) a company, existing or startup, that has licensed or is in the process of licensing a technology from a Utah college or university.

The grants are disbursed contingent on federal or private matching funds being furnished by the commercializing company or university to leverage the state’s contribution and are approved based on their potential for economic development in Utah.

Commercialization of the most promising research and technology out of Utah’s universities helps ensure continual economic and job growth across Utah’s most dynamic industry sectors. The grants will further help contribute to Governor Gary Herbert’s overall challenge to the private sector to accelerate the creation of 100,000 new Utah jobs in 1,000 days. More than 65,000 jobs have already been tabulated halfway through the challenge.

For information and instructions for the online application, visit http://business.utah.gov/programs/coe/. The deadline for applying is at noon on Monday, September 2, 2013.

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About the Utah Governor’s Office of Economic Development (GOED) Web: www.business.utah.gov

The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or mgsullivan@utah.gov.